Asia Pacific food biotechnology market will witness over 11% CAGR from 2019 to 2025. Agricultural R&D in Asia is focused on crop science and dissemination of new and improved inputs, such as use of microbes for improving productivity. Implementation of new breeding techniques (NBT) such as genome editing, reverse breeding and agroinfiltration will further provide positive scope for development.
Biotechnology for animal applications is anticipated to surpass USD 16 billion revenue by 2025. Implementation of biotechnology on animals can help to increase livestock productivity. Growing vegan population coupled with growing personal disposable income fuels demand for livestock commodities such as eggs, and milk. Increase in health consciousness among millennials coupled with growing adoption of flexitarian lifestyle will help to promote biotechnological application on animals.
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Growing implementation of biotechnology in farming practice will save labor cost and improve yield which will help to promulgate the overall industry. There has been increase in R&D activities by various public sector institutes such as Land-Grant university and United States Department of Agriculture (USDA). Also, the increase in subcontract agreements between agricultural scientists and private firms will further influence the overall industry growth. Declining existence of farms due to urbanization will support the development of food biotechnology market.
Reduction in overall production cost due to the implementation of biotechnology will proliferate the industry landscape. Different needs of markets are addressed through biotechnology as it reports the importance of precision in planting, growing, and harvesting crops. Development of functional attributes of the crops through biotechnology will speed up the contract agreement between growers and food processing companies which will further help to propel the overall market growth.
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Government’s promotion of biotechnology will positively influence the technology adoption over the forecasted timeframe as surplus amount of expenditure is saved on extensive support programs. The growing number of market niches in the agriculture sector will further support market growth. Introduction of molecular biology into agricultural research has been followed by the insertion of the agribusiness sector between farmers and researchers. This has enabled to restructure the relation between farmers and researchers. Demand for high-quality functional ingredients by food processing companies will further augment the market growth.
Stringent government regulations and guidelines pertaining to the environment in production facility of biotechnology plant will propel the food biotechnology market size. For instance, Kenya adopted biosafety regulation clarifying the regulatory environment for growing biotech crops. However, safety assessment regulations (CAC, 2003a-c; FAO/WHO 1996, 2000; OECD, 1998, 2002; WHO 1994, 2005) in context with consumption of GE plant may impact business growth.
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Transgenic crop is anticipated to witness over 9% growth in terms of revenue up to 2025. Due to growing subcontract agreements between private firms and the farmers, there has been increase in production of genetically modified crops which will help to promulgate overall food biotechnology market. Low labor & production cost, reduction in use of chemical inputs and improved economic gains are among the key factors that will positively influence the productivity over the forecasted timeframe.
Application of microorganism in biotechnology is anticipated to witness over 9.5% growth in terms of revenue up to 2025. Microbes used in biotechnology improves crop yield and provides resistance to crop pests which will help to positively influence the overall food biotechnology market. Broad applications of microbes in agriculture industry for sustainable production practices ensures high productivity output from plants and animals.
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